THE GREYMOUTH AND SALT WATER TRAMWAY.

Grey River Argus, Issue 101, 4 September 1866, Page 2

THE GREYMOUTH AND SALT WATER TRAMWAY.

(To the Editor of the Grey River Argus.) Sm— At the meeting of shareholders (or rather of • subscribers, fpr shares, -for: none have yet been allotted) held on T-ues-day evening last, a resolution, was carried fixing the qualificatibh of directors to tlio ownership- of not less than five paid ttp shares. . Since the meeting, I have ascertained that two at least of the gentlemenelected as Directora did;not. ( aiid do not enjoy the proper qualification, they having subscribed for less than the stipulatednumber of shares, although they claim - OTHER SHARES ,AS : A BONUS r >to the !- pro- : moters. Now, ' Sir, * although Ido iioitlnnk it at all unreasonable that such. a bonus should be given, yet as it has not yet been sanctioned by .the ; sliarehoMera, can the ' persons .claiming such he considered as bona fide holders of paid up shares? ■ 1 am iiicHned to think not, and if such is the case then the election of last Tuesday is, so. far as concern the two gentlemen in question, invalid. Perhaps you may be able to . satisfy >nic on this ' point. " , lam, «fee, ■ • ■■■ Locomotive. [We fancy it much depends whether the .original prospectus of the -Company contained any provision for' aboniis in shares to the promoters.' If it did, 'thefi we should imagine the promoters may be fairly considered as bona fide -holders,, and entitled to vote in respect of such shares. »If, on the hand, no ". definite proviso was contained in the prospectus, the consent of a majority of the shareholders woiM be required to validate any - bonus of shares.]— Ed. .G. R. A.